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As funds swell, pressure to deploy rises and managers can stray from their expertise
The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
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Stahl, the Dutch provider of chemicals for leather processing, has launched €585m of leveraged loans to refinance debt and pay a dividend. -
SoftBank Group on Wednesday began roadshowing for euro and dollar bonds, even though the European high yield market has been at a standstill for two weeks while Greece negotiated its third bailout.
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Vive la France! Tuesday’s national Bastille Day holiday obviously did Aéroports de Paris some good, as on Wednesday morning it reopened Europe’s mainstream investment grade corporate bond market after a fortnight’s shutdown.
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CVC-sponsored Asia Education Investment is in the market for a $165m triple tranche facility, part of which will be used to recapitalise the major shareholder.
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Ping An Real Estate issued the first offshore renminbi (CNH) bond in three weeks on July 14, making it the first borrower to test appetite since the Greek referendum. Although the issuer had to offer a decent premium to get the deal done, the level was flat to its onshore funding costs.
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High yield borrowers continue to hold back deals and avoid paying steeper issue premiums than they would have faced before the latest Greek crisis, but the new bailout offer is easing fears.
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